Question

in what time will a sum of money double itself at 15% per annum

Answer 1

Suppose that

Principal=100

Rate=15% per annum

Time=x

Simple interest=100 then,

S.I.=(P*R*T)/100

100=(100*15*x)/100

100=1500x/100

100=15x

100/15=x

20/3=x

Time=20/3 years or 6 years and 8 months.

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